Table of Contents

Semi-Annual Report

March 31, 2020

 

SPDR® S&P 500® ETF Trust

A Unit Investment Trust

“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500®”, “500®”, “Standard & Poor’s Depositary Receipts®”, “SPDR®” and “SPDRs®” are trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use by S&P Dow Jones Indices LLC (“S&P”) and sublicensed for use by State Street Global Advisors Funds Distributors, LLC. SPDR® S&P 500® ETF Trust is permitted to use these trademarks pursuant to a sublicense from State Street Global Advisors Funds Distributors, LLC. SPDR® S&P 500® ETF Trust is not sponsored, endorsed, sold or promoted by S&P, its affiliates or its third party licensors.

 

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Table of Contents

SPDR S&P 500® ETF Trust

Semi-Annual Report

March 31, 2020

(Unaudited)

Table of Contents

 

Schedule of Investments (Unaudited)

     1  

Portfolio Statistics (Unaudited)

     8  

Statement of Assets and Liabilities (Unaudited)

     9  

Statements of Operations (Unaudited)

     10  

Statements of Changes in Net Assets (Unaudited)

     11  

Financial Highlights (Unaudited)

     12  

Notes to Financial Statements (Unaudited)

     13  

Other Information (Unaudited)

     20  


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments

March 31, 2020 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

3M Co.

     6,307,250      $ 861,002,697  

Abbott Laboratories

     19,406,319        1,531,352,632  

AbbVie, Inc.

     16,258,887        1,238,764,601  

ABIOMED, Inc.(a)

     492,468        71,486,655  

Accenture PLC Class A

     6,978,784        1,139,356,276  

Activision Blizzard, Inc.

     8,400,570        499,665,904  

Adobe Systems, Inc.(a)

     5,317,291        1,692,174,688  

Advance Auto Parts, Inc.

     760,599        70,979,099  

Advanced Micro Devices,
Inc.(a)

     12,845,847        584,229,122  

AES Corp.

     7,234,543        98,389,785  

Aflac, Inc.

     8,065,033        276,146,730  

Agilent Technologies, Inc.

     3,396,377        243,248,521  

Air Products & Chemicals, Inc.

     2,423,143        483,683,574  

Akamai Technologies, Inc.(a)

     1,774,417        162,341,411  

Alaska Air Group, Inc.

     1,350,061        38,436,237  

Albemarle Corp.

     1,170,455        65,978,548  

Alexandria Real Estate Equities, Inc. REIT

     1,346,141        184,502,085  

Alexion Pharmaceuticals,
Inc.(a)

     2,429,780        218,169,946  

Align Technology, Inc.(a)

     787,591        137,001,454  

Allegion PLC

     1,025,255        94,343,965  

Allergan PLC

     3,600,593        637,665,020  

Alliance Data Systems Corp.

     449,667        15,131,295  

Alliant Energy Corp.

     2,639,427        127,457,930  

Allstate Corp.

     3,561,533        326,699,422  

Alphabet, Inc. Class A(a)

     3,289,975        3,822,786,451  

Alphabet, Inc. Class C(a)

     3,281,652        3,815,937,762  

Altria Group, Inc.

     20,472,165        791,658,621  

Amazon.com, Inc.(a)

     4,573,785        8,917,600,090  

Amcor PLC(a)

     17,800,936        144,543,600  

Ameren Corp.

     2,668,602        194,354,284  

American Airlines Group, Inc.

     4,332,992        52,819,172  

American Electric Power Co., Inc.

     5,430,509        434,332,110  

American Express Co.

     7,377,407        631,579,813  

American International Group, Inc.

     9,516,844        230,783,467  

American Tower Corp. REIT

     4,870,381        1,060,525,463  

American Water Works Co., Inc.

     1,974,583        236,081,143  

Ameriprise Financial, Inc.

     1,392,895        142,743,880  

AmerisourceBergen Corp.

     1,650,716        146,088,366  

AMETEK, Inc.

     2,484,261        178,916,477  

Amgen, Inc.

     6,524,270        1,322,665,257  

Amphenol Corp. Class A

     3,258,227        237,459,584  

Analog Devices, Inc.

     4,055,893        363,610,807  

ANSYS, Inc.(a)

     940,918        218,735,207  

Anthem, Inc.

     2,788,357        633,068,573  
Common Stocks    Shares      Value  
               

AO Smith Corp.

     1,518,060      $ 57,397,849  

Aon PLC

     2,572,301        424,532,557  

Apache Corp.

     4,102,058        17,146,602  

Apartment Investment & Management Co. Class A REIT

     1,631,012        57,330,072  

Apple, Inc.

     45,861,546        11,662,132,532  

Applied Materials, Inc.

     10,137,951        464,520,915  

Aptiv PLC

     2,811,568        138,441,608  

Archer-Daniels-Midland Co.

     6,118,593        215,252,102  

Arista Networks, Inc.(a)

     597,209        120,964,683  

Arthur J Gallagher & Co.

     2,025,292        165,081,551  

Assurant, Inc.

     674,202        70,177,686  

AT&T, Inc.

     80,242,142        2,339,058,439  

Atmos Energy Corp.

     1,312,033        130,193,035  

Autodesk, Inc.(a)

     2,408,854        376,022,109  

Automatic Data Processing, Inc.

     4,753,210        649,668,743  

AutoZone, Inc.(a)

     261,967        221,624,082  

AvalonBay Communities, Inc. REIT

     1,529,084        225,035,292  

Avery Dennison Corp.

     923,967        94,124,518  

Baker Hughes a GE Co.

     7,130,523        74,870,492  

Ball Corp.

     3,593,352        232,346,140  

Bank of America Corp.

     88,925,976        1,887,898,470  

Bank of New York Mellon Corp.

     9,226,327        310,742,693  

Baxter International, Inc.

     5,602,933        454,902,130  

Becton Dickinson and Co.

     2,973,365        683,190,076  

Berkshire Hathaway, Inc.
Class B(a)

     21,477,759        3,926,778,678  

Best Buy Co., Inc.

     2,501,542        142,587,894  

Biogen, Inc.(a)

     1,984,381        627,818,461  

BlackRock, Inc.

     1,296,557        570,446,183  

Boeing Co.

     5,878,599        876,734,255  

Booking Holdings, Inc.(a)

     460,221        619,144,516  

BorgWarner, Inc.

     2,253,827        54,925,764  

Boston Properties, Inc. REIT

     1,578,150        145,552,775  

Boston Scientific Corp.(a)

     15,324,413        500,035,596  

Bristol-Myers Squibb Co.

     25,739,367        1,434,712,317  

Broadcom, Inc.

     4,360,921        1,033,974,369  

Broadridge Financial Solutions, Inc.

     1,254,055        118,922,036  

Brown-Forman Corp. Class B

     1,996,971        110,851,860  

C.H. Robinson Worldwide, Inc.

     1,497,122        99,109,476  

Cabot Oil & Gas Corp.

     4,480,000        77,011,200  

Cadence Design Systems,
Inc.(a)

     3,081,824        203,523,657  

Campbell Soup Co.

     1,850,554        85,421,573  
 

 

See accompanying notes to financial statements.

 

1


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Capital One Financial Corp.

     5,116,093      $ 257,953,409  

Capri Holdings, Ltd.(a)

     1,667,587        17,993,264  

Cardinal Health, Inc.

     3,235,256        155,098,173  

CarMax, Inc.(a)

     1,822,711        98,116,533  

Carnival Corp.

     4,357,999        57,394,847  

Caterpillar, Inc.

     6,076,688        705,138,876  

Cboe Global Markets, Inc.

     1,221,252        108,996,741  

CBRE Group, Inc. Class A(a)

     3,691,173        139,194,134  

CDW Corp.

     1,588,234        148,134,585  

Celanese Corp.

     1,327,757        97,444,086  

Centene Corp.(a)

     6,376,159        378,807,606  

CenterPoint Energy, Inc.

     5,466,824        84,462,431  

CenturyLink, Inc.

     10,524,281        99,559,698  

Cerner Corp.

     3,450,891        217,371,624  

CF Industries Holdings, Inc.

     2,395,402        65,154,934  

Charles Schwab Corp.

     12,569,735        422,594,491  

Charter Communications, Inc. Class A(a)

     1,723,742        752,085,872  

Chevron Corp.

     20,771,002        1,505,066,805  

Chipotle Mexican Grill, Inc.(a)

     279,889        183,159,362  

Chubb, Ltd.

     4,979,671        556,179,454  

Church & Dwight Co., Inc.

     2,682,666        172,173,504  

Cigna Corp.(a)

     4,106,248        727,545,021  

Cincinnati Financial Corp.

     1,663,536        125,513,791  

Cintas Corp.

     910,818        157,771,894  

Cisco Systems, Inc.

     46,590,810        1,831,484,741  

Citigroup, Inc.

     24,003,514        1,011,028,010  

Citizens Financial Group, Inc.

     4,780,005        89,911,894  

Citrix Systems, Inc.

     1,263,089        178,790,248  

Clorox Co.

     1,380,221        239,123,288  

CME Group, Inc.

     3,940,479        681,348,224  

CMS Energy Corp.

     3,111,297        182,788,699  

Coca-Cola Co.

     42,351,040        1,874,033,520  

Cognizant Technology Solutions Corp. Class A

     6,014,905        279,512,635  

Colgate-Palmolive Co.

     9,400,093        623,790,171  

Comcast Corp. Class A

     49,858,786        1,714,145,063  

Comerica, Inc.

     1,583,321        46,454,638  

Conagra Brands, Inc.

     5,311,529        155,840,261  

Concho Resources, Inc.

     2,191,047        93,886,364  

ConocoPhillips

     12,063,031        371,541,355  

Consolidated Edison, Inc.

     3,645,277        284,331,606  

Constellation Brands, Inc. Class A

     1,833,269        262,817,444  

Cooper Cos., Inc.

     537,946        148,295,574  

Copart, Inc.(a)

     2,248,897        154,094,422  

Corning, Inc.

     8,449,004        173,542,542  

Corteva, Inc.(a)

     8,198,551        192,665,948  

Costco Wholesale Corp.

     4,850,976        1,383,158,787  

Coty, Inc. Class A

     3,295,069        17,002,556  
Common Stocks    Shares      Value  
               

Crown Castle International Corp. REIT

     4,565,489      $ 659,256,612  

CSX Corp.

     8,550,147        489,923,423  

Cummins, Inc.

     1,684,341        227,925,024  

CVS Health Corp.

     14,303,522        848,627,960  

D.R. Horton, Inc.

     3,684,661        125,278,474  

Danaher Corp.

     7,028,914        972,871,987  

Darden Restaurants, Inc.

     1,337,139        72,820,590  

DaVita, Inc.(a)

     994,635        75,651,938  

Deere & Co.

     3,454,686        477,299,418  

Delta Air Lines, Inc.

     6,350,906        181,191,348  

DENTSPLY SIRONA, Inc.

     2,459,937        95,519,354  

Devon Energy Corp.

     4,254,682        29,399,853  

Diamondback Energy, Inc.

     1,789,431        46,883,092  

Digital Realty Trust, Inc. REIT

     2,880,330        400,106,640  

Discover Financial Services

     3,443,707        122,837,029  

Discovery, Inc. Class A(a)

     1,725,683        33,547,278  

Discovery, Inc. Class C(a)

     3,684,961        64,634,216  

DISH Network Corp.
Class A(a)

     2,802,563        56,023,234  

Dollar General Corp.

     2,796,927        422,363,946  

Dollar Tree, Inc.(a)

     2,596,441        190,760,520  

Dominion Energy, Inc.

     9,049,094        653,254,096  

Dover Corp.

     1,593,250        133,737,405  

Dow, Inc.(a)

     8,154,615        238,440,943  

DTE Energy Co.

     2,112,798        200,652,426  

Duke Energy Corp.

     8,015,768        648,315,316  

Duke Realty Corp. REIT

     4,041,104        130,850,948  

DuPont de Nemours, Inc.

     8,166,379        278,473,524  

DXC Technology Co.

     2,874,557        37,512,969  

E*TRADE Financial Corp.

     2,484,954        85,283,621  

Eastman Chemical Co.

     1,500,589        69,897,436  

Eaton Corp. PLC

     4,544,458        353,058,942  

eBay, Inc.

     8,407,807        252,738,678  

Ecolab, Inc.

     2,747,255        428,104,747  

Edison International

     3,929,376        215,290,511  

Edwards Lifesciences Corp.(a)

     2,278,549        429,779,912  

Electronic Arts, Inc.(a)

     3,206,614        321,206,524  

Eli Lilly & Co.

     9,283,195        1,287,764,810  

Emerson Electric Co.

     6,689,989        318,777,976  

Entergy Corp.

     2,181,834        205,026,941  

EOG Resources, Inc.

     6,395,830        229,738,214  

Equifax, Inc.

     1,318,804        157,531,138  

Equinix, Inc. REIT

     937,626        585,613,071  

Equity Residential REIT

     3,825,439        236,067,841  

Essex Property Trust, Inc. REIT

     717,532        158,029,248  

Estee Lauder Cos., Inc. Class A

     2,446,687        389,855,107  

Everest Re Group, Ltd.

     440,713        84,801,995  
 

 

See accompanying notes to financial statements.

 

2


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Evergy, Inc.

     2,505,545      $ 137,930,252  

Eversource Energy

     3,555,109        278,045,075  

Exelon Corp.

     10,648,855        391,984,353  

Expedia Group, Inc.

     1,516,725        85,346,116  

Expeditors International of Washington, Inc.

     1,879,236        125,382,626  

Extra Space Storage, Inc. REIT

     1,422,115        136,181,732  

Exxon Mobil Corp.

     46,471,314        1,764,515,793  

F5 Networks, Inc.(a)

     655,689        69,916,118  

Facebook, Inc. Class A(a)

     26,423,472        4,407,435,130  

Fastenal Co.

     6,251,269        195,352,156  

Federal Realty Investment Trust REIT

     764,960        57,073,666  

FedEx Corp.

     2,618,930        317,571,452  

Fidelity National Information Services, Inc.

     6,757,745        822,012,102  

Fifth Third Bancorp

     7,801,685        115,855,022  

First Republic Bank

     1,846,067        151,894,393  

FirstEnergy Corp.

     5,925,810        237,447,207  

Fiserv, Inc.(a)

     6,279,564        596,495,784  

FleetCor Technologies, Inc.(a)

     942,939        175,895,841  

FLIR Systems, Inc.

     1,471,045        46,911,625  

Flowserve Corp.

     1,403,325        33,525,434  

FMC Corp.

     1,440,372        117,663,989  

Ford Motor Co.

     42,975,237        207,570,395  

Fortinet, Inc.(a)

     1,557,170        157,538,889  

Fortive Corp.

     3,234,080        178,488,875  

Fortune Brands Home & Security, Inc.

     1,533,074        66,305,451  

Fox Corp. Class A

     3,849,370        90,960,613  

Fox Corp. Class B(a)

     1,753,071        40,110,264  

Franklin Resources, Inc.

     3,094,821        51,652,562  

Freeport-McMoRan, Inc.

     15,906,133        107,366,398  

Gap, Inc.

     2,361,694        16,626,326  

Garmin, Ltd.

     1,585,521        118,850,654  

Gartner, Inc.(a)

     974,570        97,037,935  

General Dynamics Corp.

     2,567,717        339,734,636  

General Electric Co.

     96,019,387        762,393,933  

General Mills, Inc.

     6,645,330        350,674,064  

General Motors Co.

     13,789,579        286,547,452  

Genuine Parts Co.

     1,594,889        107,383,876  

Gilead Sciences, Inc.

     13,875,502        1,037,332,530  

Global Payments, Inc.

     3,292,547        474,884,054  

Globe Life, Inc.

     1,101,382        79,266,463  

Goldman Sachs Group, Inc.

     3,503,232        541,564,635  

H&R Block, Inc.

     2,196,193        30,922,397  

Halliburton Co.

     9,650,257        66,104,260  

Hanesbrands, Inc.

     3,974,384        31,278,402  

Harley-Davidson, Inc.

     1,740,540        32,948,422  
Common Stocks    Shares      Value  
               

Hartford Financial Services Group, Inc.

     3,951,661      $ 139,256,534  

Hasbro, Inc.

     1,398,635        100,072,334  

HCA Healthcare, Inc.

     2,911,809        261,626,039  

Healthpeak Properties, Inc. REIT

     5,389,123        128,530,584  

Helmerich & Payne, Inc.

     1,208,063        18,906,186  

Henry Schein, Inc.(a)

     1,624,066        82,047,814  

Hershey Co.

     1,634,693        216,596,822  

Hess Corp.

     2,840,032        94,573,066  

Hewlett Packard Enterprise Co.

     14,329,168        139,136,221  

Hilton Worldwide Holdings, Inc.

     3,102,052        211,684,028  

HollyFrontier Corp.

     1,661,421        40,721,429  

Hologic, Inc.(a)

     2,933,653        102,971,220  

Home Depot, Inc.

     11,982,584        2,237,268,259  

Honeywell International, Inc.

     7,855,217        1,050,949,482  

Hormel Foods Corp.

     3,053,438        142,412,348  

Host Hotels & Resorts, Inc. REIT

     8,010,143        88,431,979  

Howmet Aerospace, Inc.

     4,250,005        68,255,080  

HP, Inc.

     16,263,029        282,326,183  

Humana, Inc.

     1,455,860        457,169,157  

Huntington Bancshares, Inc.

     11,387,383        93,490,414  

Huntington Ingalls Industries, Inc.

     454,555        82,824,467  

IDEX Corp.

     819,749        113,215,534  

IDEXX Laboratories, Inc.(a)

     940,048        227,717,228  

IHS Markit, Ltd.

     4,402,015        264,120,900  

Illinois Tool Works, Inc.

     3,213,379        456,685,423  

Illumina, Inc.(a)

     1,616,204        441,417,636  

Incyte Corp.(a)

     1,938,744        141,974,223  

Ingersoll Rand, Inc.(a)

     3,786,066        93,894,437  

Intel Corp.

     47,782,724        2,586,001,023  

Intercontinental Exchange,
Inc.(b)

     6,118,012        494,029,469  

International Business Machines Corp.

     9,737,339        1,080,163,015  

International Flavors & Fragrances, Inc.

     1,171,767        119,613,975  

International Paper Co.

     4,310,263        134,178,487  

Interpublic Group of Cos., Inc.

     4,231,026        68,500,311  

Intuit, Inc.

     2,849,016        655,273,680  

Intuitive Surgical, Inc.(a)

     1,271,296        629,558,492  

Invesco, Ltd.

     4,227,468        38,385,409  

IPG Photonics Corp.(a)

     388,210        42,811,799  

IQVIA Holdings, Inc.(a)

     1,982,633        213,846,795  

Iron Mountain, Inc. REIT

     3,136,006        74,636,943  

J.M. Smucker Co.

     1,242,848        137,956,128  
 

 

See accompanying notes to financial statements.

 

3


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Jack Henry & Associates, Inc.

     836,042      $ 129,787,160  

Jacobs Engineering Group, Inc.

     1,487,630        117,924,430  

JB Hunt Transport Services, Inc.

     937,244        86,442,014  

Johnson & Johnson

     28,898,292        3,789,433,030  

Johnson Controls International PLC

     8,480,932        228,645,927  

JPMorgan Chase & Co.

     34,454,377        3,101,927,561  

Juniper Networks, Inc.

     3,746,866        71,715,015  

Kansas City Southern

     1,099,907        139,886,172  

Kellogg Co.

     2,729,753        163,757,882  

KeyCorp

     10,820,090        112,204,333  

Keysight Technologies, Inc.(a)

     2,051,106        171,636,550  

Kimberly-Clark Corp.

     3,769,643        482,024,250  

Kimco Realty Corp. REIT

     4,559,290        44,088,334  

Kinder Morgan, Inc.

     21,242,143        295,690,631  

KLA Corp.

     1,733,075        249,112,200  

Kohl’s Corp.

     1,746,065        25,475,088  

Kraft Heinz Co.

     6,793,920        168,081,581  

Kroger Co.

     8,764,548        263,988,186  

L Brands, Inc.

     2,460,787        28,446,698  

L3Harris Technologies, Inc.

     2,428,360        437,396,203  

Laboratory Corp. of America Holdings(a)

     1,071,952        135,484,013  

Lam Research Corp.

     1,586,199        380,687,760  

Lamb Weston Holdings, Inc.

     1,600,648        91,397,001  

Las Vegas Sands Corp.

     3,711,106        157,610,672  

Leggett & Platt, Inc.

     1,418,508        37,845,793  

Leidos Holdings, Inc.

     1,461,512        133,947,575  

Lennar Corp. Class A

     3,075,312        117,476,918  

Lincoln National Corp.

     2,196,604        57,814,617  

Linde PLC

     5,901,012        1,020,875,076  

Live Nation Entertainment,
Inc.(a)

     1,549,165        70,425,041  

LKQ Corp.(a)

     3,381,658        69,357,806  

Lockheed Martin Corp.

     2,722,006        922,623,934  

Loews Corp.

     2,808,524        97,820,891  

Lowe’s Cos., Inc.

     8,419,746        724,519,143  

LyondellBasell Industries NV Class A

     2,833,035        140,603,527  

M&T Bank Corp.

     1,449,790        149,951,780  

Macy’s, Inc.

     3,376,676        16,579,479  

Marathon Oil Corp.

     8,821,871        29,023,956  

Marathon Petroleum Corp.

     7,139,253        168,629,156  

MarketAxess Holdings, Inc.

     413,281        137,444,862  

Marriott International, Inc. Class A

     2,980,902        223,001,279  

Marsh & McLennan Cos., Inc.

     5,556,040        480,375,218  

Martin Marietta Materials, Inc.

     683,146        129,271,718  

Masco Corp.

     3,120,260        107,867,388  
Common Stocks    Shares      Value  
               

Mastercard, Inc. Class A

     9,749,609      $ 2,355,115,550  

Maxim Integrated Products, Inc.

     2,987,040        145,200,014  

McCormick & Co., Inc.

     1,337,751        188,903,819  

McDonald’s Corp.

     8,279,486        1,369,013,010  

McKesson Corp.

     1,770,810        239,519,761  

Medtronic PLC

     14,736,611        1,328,947,580  

Merck & Co., Inc.

     27,961,456        2,151,354,425  

MetLife, Inc.

     8,593,859        262,714,270  

Mettler-Toledo International, Inc.(a)

     267,230        184,524,987  

MGM Resorts International

     5,722,257        67,522,633  

Microchip Technology, Inc.

     2,627,298        178,130,804  

Micron Technology, Inc.(a)

     12,170,151        511,876,551  

Microsoft Corp.

     83,767,413        13,210,958,704  

Mid-America Apartment Communities, Inc. REIT

     1,244,285        128,198,684  

Mohawk Industries, Inc.(a)

     657,065        50,094,636  

Molson Coors Brewing Co. Class B

     2,052,748        80,077,699  

Mondelez International, Inc. Class A

     15,796,005        791,063,930  

Monster Beverage Corp.(a)

     4,194,518        235,983,583  

Moody’s Corp.

     1,785,192        377,568,108  

Morgan Stanley

     12,779,036        434,487,224  

Mosaic Co.

     3,823,858        41,374,144  

Motorola Solutions, Inc.

     1,883,702        250,381,670  

MSCI, Inc.

     930,084        268,757,073  

Mylan NV(a)

     5,635,502        84,025,335  

Nasdaq, Inc.

     1,272,335        120,808,208  

National Oilwell Varco, Inc.

     4,188,708        41,175,000  

NetApp, Inc.

     2,509,186        104,607,964  

Netflix, Inc.(a)

     4,812,946        1,807,261,223  

Newell Brands, Inc.

     4,239,705        56,303,282  

Newmont Corp.

     8,960,616        405,736,692  

News Corp. Class A

     4,108,445        36,873,294  

News Corp. Class B

     1,352,869        12,162,292  

NextEra Energy, Inc.

     5,373,533        1,292,979,510  

Nielsen Holdings PLC

     3,844,428        48,209,127  

NIKE, Inc. Class B

     13,687,122        1,132,472,474  

NiSource, Inc.

     4,063,529        101,466,319  

Noble Energy, Inc.

     5,281,579        31,900,737  

Nordstrom, Inc.

     1,153,199        17,690,073  

Norfolk Southern Corp.

     2,866,652        418,531,192  

Northern Trust Corp.

     2,328,350        175,697,291  

Northrop Grumman Corp.

     1,721,271        520,770,541  

NortonLifeLock, Inc.

     6,239,780        116,746,284  

Norwegian Cruise Line Holdings, Ltd.(a)

     2,369,492        25,969,632  

NRG Energy, Inc.

     2,776,431        75,685,509  
 

 

See accompanying notes to financial statements.

 

4


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Nucor Corp.

     3,341,473      $ 120,359,857  

NVIDIA Corp.

     6,719,757        1,771,327,945  

NVR, Inc.(a)

     38,200        98,140,002  

O’Reilly Automotive, Inc.(a)

     833,436        250,905,908  

Occidental Petroleum Corp.

     9,789,109        113,357,882  

Old Dominion Freight Line, Inc.

     1,047,047        137,435,389  

Omnicom Group, Inc.

     2,386,248        131,005,015  

ONEOK, Inc.

     4,512,800        98,424,168  

Oracle Corp.

     23,819,649        1,151,203,636  

PACCAR, Inc.

     3,774,581        230,740,137  

Packaging Corp. of America

     1,033,191        89,711,975  

Parker-Hannifin Corp.

     1,406,500        182,465,245  

Paychex, Inc.

     3,490,930        219,649,316  

Paycom Software, Inc.(a)

     540,386        109,163,376  

PayPal Holdings, Inc.(a)

     12,889,614        1,234,051,644  

Pentair PLC

     1,844,226        54,884,166  

People’s United Financial, Inc.

     4,882,687        53,953,691  

PepsiCo, Inc.

     15,319,984        1,839,930,078  

PerkinElmer, Inc.

     1,210,888        91,155,649  

Perrigo Co. PLC

     1,493,120        71,804,141  

Pfizer, Inc.

     60,778,739        1,983,818,041  

Philip Morris International, Inc.

     17,105,880        1,248,045,005  

Phillips 66

     4,881,549        261,895,104  

Pinnacle West Capital Corp.

     1,230,964        93,294,762  

Pioneer Natural Resources Co.

     1,819,572        127,642,976  

PNC Financial Services Group, Inc.

     4,817,858        461,165,368  

PPG Industries, Inc.

     2,588,963        216,437,307  

PPL Corp.

     8,431,398        208,086,903  

Principal Financial Group, Inc.

     2,834,853        88,844,293  

Procter & Gamble Co.

     27,388,864        3,012,775,040  

Progressive Corp.

     6,428,252        474,662,128  

Prologis, Inc. REIT

     8,122,695        652,820,997  

Prudential Financial, Inc.

     4,410,571        229,967,172  

Public Service Enterprise Group, Inc.

     5,514,375        247,650,581  

Public Storage REIT

     1,636,952        325,115,037  

PulteGroup, Inc.

     2,818,088        62,899,724  

PVH Corp.

     812,202        30,571,283  

Qorvo, Inc.(a)

     1,290,157        104,025,359  

QUALCOMM, Inc.

     12,519,981        846,976,715  

Quanta Services, Inc.

     1,586,621        50,343,484  

Quest Diagnostics, Inc.

     1,457,599        117,045,200  

Ralph Lauren Corp.

     546,362        36,513,372  

Raymond James Financial, Inc.

     1,355,850        85,689,720  

Raytheon Co.

     3,046,290        399,520,933  

Realty Income Corp. REIT

     3,765,652        187,755,409  

Regency Centers Corp. REIT

     1,829,502        70,307,762  
Common Stocks    Shares      Value  
               

Regeneron Pharmaceuticals, Inc.(a)

     876,892      $ 428,177,595  

Regions Financial Corp.

     10,605,177        95,128,438  

Republic Services, Inc.

     2,322,722        174,343,513  

ResMed, Inc.

     1,563,758        230,325,916  

Robert Half International, Inc.

     1,289,985        48,696,934  

Rockwell Automation, Inc.

     1,269,593        191,594,280  

Rollins, Inc.

     1,544,487        55,817,760  

Roper Technologies, Inc.

     1,138,497        354,994,750  

Ross Stores, Inc.

     3,974,655        345,675,745  

Royal Caribbean Cruises, Ltd.

     1,873,220        60,261,487  

S&P Global, Inc.

     2,690,988        659,426,609  

salesforce.com, Inc.(a)

     9,739,455        1,402,286,731  

SBA Communications Corp. REIT

     1,237,389        334,057,908  

Schlumberger, Ltd.

     15,220,538        205,325,058  

Seagate Technology PLC

     2,539,582        123,931,602  

Sealed Air Corp.

     1,712,293        42,310,760  

Sempra Energy

     3,099,768        350,242,786  

ServiceNow, Inc.(a)

     2,073,557        594,239,965  

Sherwin-Williams Co.

     901,021        414,037,170  

Simon Property Group, Inc. REIT

     3,370,797        184,921,923  

Skyworks Solutions, Inc.

     1,871,902        167,310,601  

SL Green Realty Corp. REIT

     904,344        38,977,226  

Snap-on, Inc.

     609,363        66,310,882  

Southern Co.

     11,530,589        624,266,088  

Southwest Airlines Co.

     5,207,288        185,431,526  

Stanley Black & Decker, Inc.

     1,656,346        165,634,600  

Starbucks Corp.

     12,984,608        853,608,130  

State Street Corp.(c)

     3,997,926        212,969,518  

STERIS PLC

     932,139        130,471,496  

Stryker Corp.

     3,539,535        589,297,182  

SVB Financial Group(a)

     567,263        85,702,094  

Synchrony Financial

     6,198,481        99,733,559  

Synopsys, Inc.(a)

     1,632,500        210,249,675  

Sysco Corp.

     5,631,765        256,977,437  

T Rowe Price Group, Inc.

     2,565,969        250,566,873  

T-Mobile US, Inc.(a)

     3,455,666        289,930,377  

Take-Two Interactive Software, Inc.(a)

     1,226,695        145,498,294  

Tapestry, Inc.

     3,031,137        39,253,224  

Target Corp.

     5,566,400        517,508,208  

TE Connectivity, Ltd.

     3,694,132        232,656,433  

TechnipFMC PLC

     4,608,321        31,060,084  

Teleflex, Inc.

     506,153        148,231,968  

Texas Instruments, Inc.

     10,276,933        1,026,973,915  

Textron, Inc.

     2,524,999        67,341,723  

Thermo Fisher Scientific, Inc.

     4,402,882        1,248,657,335  

Tiffany & Co.

     1,176,507        152,357,657  
 

 

See accompanying notes to financial statements.

 

5


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

TJX Cos., Inc.

     13,332,740      $ 637,438,299  

Tractor Supply Co.

     1,309,002        110,676,119  

Trane Technologies PLC

     2,645,790        218,515,796  

TransDigm Group, Inc.

     544,814        174,443,995  

Travelers Cos., Inc.

     2,834,702        281,627,644  

Truist Financial Corp.

     14,744,282        454,713,657  

Twitter, Inc.(a)

     8,483,395        208,352,181  

Tyson Foods, Inc. Class A

     3,233,748        187,136,997  

UDR, Inc. REIT

     3,213,693        117,428,342  

Ulta Salon Cosmetics & Fragrance, Inc.(a)

     628,444        110,417,611  

Under Armour, Inc. Class A(a)

     1,993,601        18,361,065  

Under Armour, Inc. Class C(a)

     2,123,881        17,118,481  

Union Pacific Corp.

     7,632,673        1,076,512,200  

United Continental Holdings, Inc.(a)

     2,390,261        75,412,735  

United Parcel Service, Inc. Class B

     7,704,820        719,784,284  

United Rentals, Inc.(a)

     825,686        84,963,089  

United Technologies Corp.

     8,920,045        841,427,845  

UnitedHealth Group, Inc.

     10,406,181        2,595,093,418  

Universal Health Services, Inc. Class B

     891,296        88,309,608  

Unum Group

     2,289,173        34,360,487  

US Bancorp

     15,626,483        538,332,339  

Valero Energy Corp.

     4,511,782        204,654,432  

Varian Medical Systems,
Inc.(a)

     996,962        102,348,119  

Ventas, Inc. REIT

     4,051,159        108,571,061  

VeriSign, Inc.(a)

     1,134,699        204,347,943  

Verisk Analytics, Inc.

     1,788,765        249,318,066  

Verizon Communications, Inc.

     45,424,966        2,440,683,423  

Vertex Pharmaceuticals,
Inc.(a)

     2,827,064        672,699,879  

VF Corp.

     3,600,347        194,706,766  

ViacomCBS, Inc. Class B

     5,895,987        82,602,778  

Visa, Inc. Class A

     18,804,879        3,029,842,104  

Vornado Realty Trust REIT

     1,738,054        62,934,935  

Vulcan Materials Co.

     1,448,292        156,516,916  

W.W. Grainger, Inc.

     485,231        120,579,904  

Wabtec Corp.

     1,999,128        96,218,031  

Walgreens Boots Alliance, Inc.

     8,243,053        377,119,675  

Walmart, Inc.

     15,582,797        1,770,517,395  

Walt Disney Co.

     19,795,615        1,912,256,409  

Waste Management, Inc.

     4,284,070        396,533,519  

Waters Corp.(a)

     708,375        128,959,669  

WEC Energy Group, Inc.

     3,440,452        303,207,035  

Wells Fargo & Co.

     42,313,684        1,214,402,731  

Welltower, Inc. REIT

     4,440,616        203,291,400  
Common Stocks    Shares      Value  
               

Western Digital Corp.

     3,213,091      $ 133,728,847  

Western Union Co.

     4,650,901        84,320,835  

WestRock Co.

     2,809,928        79,408,565  

Weyerhaeuser Co. REIT

     8,125,564        137,728,310  

Whirlpool Corp.

     687,491        58,986,728  

Williams Cos., Inc.

     13,210,611        186,930,146  

Willis Towers Watson PLC

     1,408,283        239,196,868  

WR Berkley Corp.

     1,588,752        82,885,192  

Wynn Resorts, Ltd.

     1,056,053        63,563,830  

Xcel Energy, Inc.

     5,755,440        347,053,032  

Xerox Holdings Corp.(a)

     2,088,203        39,550,565  

Xilinx, Inc.

     2,776,055        216,365,727  

Xylem, Inc.

     1,961,456        127,749,629  

Yum! Brands, Inc.

     3,342,839        229,084,757  

Zebra Technologies Corp. Class A(a)

     592,848        108,846,893  

Zimmer Biomet Holdings, Inc.

     2,261,226        228,564,724  

Zions Bancorp

     1,873,177        50,126,217  

Zoetis, Inc.

     5,223,744        614,782,431  
     

 

 

 

Total Common Stocks
(Cost $294,778,347,269)

        235,256,200,309  
     

 

 

 

 

(a)

Non-income producing security.

(b)

Affiliate of PDR Services LLC (the “Sponsor”). See the table below for more information.

(c)

Affiliate of State Street Global Advisors Trust Company (the “Trustee”). See the table below for more information.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

 

 

See accompanying notes to financial statements.

 

6


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

 

 

 

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2020.

 

Description    Level 1 —
Quoted
Prices
     Level 2 —
Other Significant
Observable
Inputs
     Level 3 —
Significant
Unobservable
Inputs
     Total  

ASSETS:

           

INVESTMENTS:

           

Common Stocks

   $ 235,256,200,309      $      $      $ 235,256,200,309  

INVESTMENTS IN AFFILIATES OF THE TRUSTEE AND THE SPONSOR

SPDR S&P 500® ETF Trust has invested in State Street Corp., which is considered an affiliate of the Trustee and Intercontinental Exchange, Inc., which is considered an affiliate of the Sponsor. Amounts related to these investments at March 31, 2020 and for the six months then ended are (Note 3):

 

    Number
of Shares
Held at
9/30/19
    Value At
9/30/19
    Cost of
Purchases*
    Proceeds
from
Shares
Sold*
    Realized
Gain
(Loss)
    Change in
Unrealized
Appreciation/

Depreciation
    Number
of Shares
Held at
3/31/20
    Value at
3/31/20
    Dividend
Income
 

Intercontinental Exchange, Inc.

    6,242,458     $ 575,991,600     $ 225,462,061     $ 239,865,229     $ 39,674,840     $ (107,233,803     6,118,012     $ 494,029,469     $ 3,583,028  

State Street Corp.

    4,139,924       245,042,102       110,594,000       122,135,950       (4,441,899     (16,088,735     3,997,926       212,969,518       4,266,312  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

TOTAL

    $ 821,033,702     $ 336,056,061     $ 362,001,179     $ 35,232,941     $ (123,322,538     $ 706,998,987     $ 7,849,340  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

*

Purchased and Sold figures include securities received or delivered from processing creations or redemptions of Units.

 

See accompanying notes to financial statements.

 

7


Table of Contents

SPDR S&P 500® ETF Trust

Portfolio Statistics

March 31, 2020 (Unaudited)

 

 

 

INDUSTRY BREAKDOWN AS OF MARCH 31, 2020*

 

INDUSTRY    % OF NET
ASSETS
 

Software

     9.2

IT Services

     5.6  

Interactive Media & Services

     5.5  

Technology Hardware, Storage & Peripherals

     5.4  

Pharmaceuticals

     5.0  

Internet & Catalog Retail

     4.9  

Semiconductors & Semiconductor Equipment

     4.6  

Health Care Equipment & Supplies

     3.9  

Banks

     3.8  

Equity Real Estate Investment Trusts (REITs)

     3.0  

Health Care Providers & Services

     2.7  

Capital Markets

     2.6  

Biotechnology

     2.5  

Electric Utilities

     2.4  

Oil, Gas & Consumable Fuels

     2.3  

Food & Staples Retailing

     2.2  

Specialty Retail

     2.1  

Aerospace & Defense

     2.0  

Diversified Telecommunication Services

     2.0  

Household Products

     2.0  

Beverages

     1.8  

Insurance

     1.8  

Chemicals

     1.7  

Diversified Financial Services

     1.7  

Hotels, Restaurants & Leisure

     1.5  

Machinery

     1.5  

Food Products

     1.3  

Industrial Conglomerates

     1.3  

Life Sciences Tools & Services

     1.1  

Media

     1.1  

Road & Rail

     1.1  

Communications Equipment

     1.0  

Multi-Utilities

     1.0  

Entertainment

     0.8  

Tobacco

     0.8  

Textiles, Apparel & Luxury Goods

     0.6  

Air Freight & Logistics

     0.5  

Commercial Services & Supplies

     0.5  

Consumer Finance

     0.5  

Electrical Equipment

     0.5  

Electronic Equipment, Instruments & Components

     0.5  

Multiline Retail

     0.5  

Containers & Packaging

     0.3  

Household Durables

     0.3  

Metals & Mining

     0.3  

Professional Services

     0.3  

Airlines

     0.2  

 

INDUSTRY    % OF NET
ASSETS
 

Automobiles

     0.2 %  

Building Products

     0.2  

Construction Materials

     0.2  

Personal Products

     0.2  

Trading Companies & Distributors

     0.2  

Auto Components

     0.1  

Construction & Engineering

     0.1  

Energy Equipment & Services

     0.1  

Gas Utilities

     0.1  

Health Care Technology

     0.1  

Real Estate Management & Development

     0.1  

Water Utilities

     0.1  

Wireless Telecommunication Services

     0.1  

Distributors

     0.0 ** 

Diversified Consumer Services

     0.0 ** 

Independent Power Producers & Energy Traders

     0.0 ** 

Leisure Equipment & Products

     0.0 ** 

Other Assets in Excess of Liabilities

     0.0 ** 

 

 

Total

     100.0

 

 

 

*

The Trust’s industry breakdown is expressed as a percentage of net assets and may change over time.

 

**

Amount shown represents less than 0.05% of net assets.

 

 

See accompanying notes to financial statements.

 

8


Table of Contents

SPDR S&P 500® ETF Trust

Statements of Assets and Liabilities

March 31, 2020 (Unaudited)

 

 

 

ASSETS

 

Investments in unaffiliated issuers, at value (Note 2)

   $ 234,549,201,322  

Investments in affiliates of the Trustee and the Sponsor, at value

     706,998,987  
  

 

 

 

Total Investments

     235,256,200,309  

Cash

     1,160,428,277  

Dividends receivable — unaffiliated issuers (Note 2)

     253,520,370  

Dividends receivable — affiliated issuers (Note 2)

     2,093,498  
  

 

 

 

Total Assets

     236,672,242,454  
  

 

 

 

LIABILITIES

  

Payable for investments purchased

     923,328  

Accrued Trustee expense (Note 3)

     11,355,929  

Accrued Marketing expense (Note 3)

     17,434,222  

Distribution payable

     1,304,966,117  

Accrued expenses and other liabilities

     36,281,082  
  

 

 

 

Total Liabilities

     1,370,960,678  
  

 

 

 

NET ASSETS

   $ 235,301,281,776  
  

 

 

 

NET ASSETS CONSIST OF:

  

Paid in capital (Note 4)

   $ 303,158,879,454  

Total distributable earnings (loss)

   $ (67,857,597,678
  

 

 

 

NET ASSETS

   $ 235,301,281,776  
  

 

 

 

NET ASSET VALUE PER UNIT

   $ 257.66  
  

 

 

 

UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

     913,232,116  
  

 

 

 

COST OF INVESTMENTS:

  

Unaffiliated issuers

   $ 293,864,286,795  

Affiliates of the Trustee and the Sponsor (Note 3)

     914,060,474  
  

 

 

 

Total Cost of Investments

   $ 294,778,347,269  
  

 

 

 

 

See accompanying notes to financial statements.

 

9


Table of Contents

SPDR S&P 500® ETF Trust

Statements of Operations

 

 

 

    Six Months Ended
3/31/20
(Unaudited)
    Year Ended
9/30/19
    Year Ended
9/30/18
    Year Ended
9/30/17
 

INVESTMENT INCOME

       

Dividend income — unaffiliated issuers (Note 2)

  $ 2,919,075,078     $ 5,569,189,037     $ 4,995,395,848     $ 4,737,367,911  

Dividend income — affiliates of the Trustee and the Sponsor

    7,849,340       14,842,022       13,606,086       11,842,443  

Foreign taxes withheld

    (295                 (9,787
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investment Income

    2,926,924,123       5,584,031,059       5,009,001,934       4,749,200,567  

EXPENSES

       

Trustee expense (Note 3)

    76,561,921       129,443,668       143,201,038       126,137,525  

S&P license fee (Note 3)

    43,212,793       79,275,442       80,322,526       69,123,020  

Marketing expense (Note 3)

    13,152,745       36,911,835       22,626,082       18,358,255  

Legal and audit fees

    240,215       605,028       603,472       241,998  

Other expenses

    2,005,037       1,591,672       4,372,847       2,644,758  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Expenses

    135,172,711       247,827,645       251,125,965       216,505,556  

Trustee expense waiver

                      (658,036
 

 

 

   

 

 

   

 

 

   

 

 

 

Net Expenses

    135,172,711       247,827,645       251,125,965       215,847,520  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INVESTMENT INCOME (LOSS)

    2,791,751,412       5,336,203,414       4,757,875,969       4,533,353,047  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) on:

       

Investments — unaffiliated issuers

    (824,601,998     (1,874,707,476     (631,225,982     (1,368,210,820

Investments — affiliates of the Trustee and the Sponsor

    (3,007,563     (2,398,982     (838,353     (355,947

In-kind redemptions — unaffiliated issuers

    15,124,603,169       19,405,809,495       37,318,292,156       22,363,636,511  

In-kind redemptions — affiliated issuers

    38,240,504       39,060,086       142,784,439       89,897,379  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

    14,335,234,112       17,567,763,123       36,829,012,260       21,084,967,123  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — unaffiliated issuers

    (48,355,481,579     (13,388,014,704     (760,564,842     12,961,822,882  

Investments — affiliates of the Trustee and the Sponsor

    (123,322,538     (33,757,839     (158,416,456     113,290,379  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation/depreciation

    (48,478,804,117     (13,421,772,543     (918,981,298     13,075,113,261  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    (34,143,570,005     4,145,990,580       35,910,030,962       34,160,080,384  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

  $ (31,351,818,593   $ 9,482,193,994     $ 40,667,906,931     $ 38,693,433,431  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying notes to financial statements.

 

10


Table of Contents

SPDR S&P 500® ETF Trust

Statements of Changes in Net Assets

 

 

 

    Six Months Ended
3/31/20
(Unaudited)
    Year Ended
9/30/19
    Year Ended
9/30/18
    Year Ended
9/30/17
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

       

Net investment income (loss)

  $ 2,791,751,412     $ 5,336,203,414     $ 4,757,875,969     $ 4,533,353,047  

Net realized gain (loss)

    14,335,234,112       17,567,763,123       36,829,012,260       21,084,967,123  

Net change in unrealized appreciation/depreciation

    (48,478,804,117     (13,421,772,543     (918,981,298     13,075,113,261  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    (31,351,818,593     9,482,193,994       40,667,906,931       38,693,433,431  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET EQUALIZATION CREDITS AND CHARGES (NOTE 2)

    (16,299,174     (53,196,888     2,991,782       57,766,713  
 

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO UNITHOLDERS(a)

    (2,747,446,688     (5,057,184,141     (4,894,169,793     (4,709,369,232
 

 

 

   

 

 

   

 

 

   

 

 

 

INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:

       

Proceeds from issuance of Units

    355,779,119,924       487,497,849,720       617,352,015,478       457,292,137,220  

Cost of Units redeemed

    (360,638,012,566     (497,053,054,235     (617,035,693,780     (445,257,589,858

Net income equalization (Note 2)

    16,299,174       53,196,888       (2,991,782     (57,766,713
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS

    (4,842,593,468     (9,502,007,627     313,329,916       11,976,780,649  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD

    (38,958,157,923     (5,130,194,662     36,090,058,836       46,018,611,561  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS AT BEGINNING OF PERIOD

    274,259,439,699       279,389,634,361       243,299,575,525       197,280,963,964  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS AT END OF PERIOD(b)

  $ 235,301,281,776     $ 274,259,439,699     $ 279,389,634,361     $ 243,299,575,525  
 

 

 

   

 

 

   

 

 

   

 

 

 

UNIT TRANSACTIONS:

       

Units sold

    1,227,900,000       1,753,650,000       2,275,100,000       1,958,700,000  

Units redeemed

    (1,238,650,000     (1,791,100,000     (2,281,850,000     (1,902,150,000
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE)

    (10,750,000     (37,450,000     (6,750,000     56,550,000  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)  

For the period ended September 30, 2017, the distributions to unitholders were $4,709,369,232 from net investment income. See Note 7 on the notes to financial statements.

(b) 

Distribution in excess of net investment income amounted to $(1,093,659,404) as of September 30, 2017. See Note 7 on the notes to financial statements.

 

See accompanying notes to financial statements.

 

11


Table of Contents

SPDR S&P 500® ETF Trust

Financial Highlights

Selected data for a Unit outstanding throughout each period

 

 

 

    Six Months
Ended
3/31/20
(Unaudited)
    Year Ended
9/30/19
    Year Ended
9/30/18
    Year Ended
9/30/17
    Year Ended
9/30/16
    Year Ended
9/30/15
 

Net asset value, beginning of period

  $ 296.82     $ 290.60     $ 251.30     $ 216.40     $ 191.77     $ 196.98  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss)(a)

    3.00       5.71       4.86       4.65       4.27       4.28  

Net realized and unrealized gain (loss)

    (39.16     6.05       39.46       34.97       24.76       (5.47
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    (36.16     11.76       44.32       39.62       29.03       (1.19
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net equalization credits and charges(a)

    (0.02     (0.06     0.00 (b)      0.06       0.02       0.08  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Contribution by Trustee

                                  0.03 (c) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions from:

           

Net investment income

    (2.98     (5.48     (5.02     (4.78     (4.42     (4.13
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 257.66     $ 296.82     $ 290.60     $ 251.30     $ 216.40     $ 191.77  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return(d)

    (12.24 )%      4.11     17.72     18.44 %(e)      15.30     (0.64 )%(f) 

Ratios and Supplemental Data:

           

Net assets, end of period (in 000s)

  $ 235,301,282     $ 274,259,440     $ 279,389,634     $ 243,299,576     $ 197,280,964     $ 166,683,901  

Ratios to average net assets:

           

Total expenses (excluding Trustee earnings credit and fee waivers)

    0.10 %(g)      0.10     0.10     0.09     0.11     0.11

Total expenses (excluding Trustee earnings credit)

    0.10 %(g)      0.10     0.10     0.09     0.11     0.11

Net expenses(h)

    0.09 %(g)      0.09     0.09     0.09     0.09     0.09

Net investment income (loss)

    1.95 %(g)      2.03     1.79     1.98     2.07     2.09

Portfolio turnover rate(i)

    1     3     2     3     4     3

 

(a)

Per Unit numbers have been calculated using the average shares method, which more appropriately presents per Unit data for the period.

(b)

Amount is less than $0.005 per Unit.

(c)

Contribution paid by the Trustee (State Street Bank and Trust Company) in the amount of $26,920,521.

(d)

Total return is calculated assuming a purchase of Units at net asset value per Unit on the first day and a sale at net asset value per Unit on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Unit on the respective payment dates of the Trust. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e)

Reflects a non-recurring litigation payment received by the Trust from State Street Corp., an affiliate, which amounted to less than $0.005 per Unit outstanding as of March 20, 2017. This payment resulted in an increase to total return of less than 0.005% for the period ended September 30, 2017.

(f)

Total return would have been lower by 0.01% if the Trustee had not made a contribution.

(g)

Annualized.

(h)

Net of expenses waived by the Trustee.

(i)

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Units.

 

See accompanying notes to financial statements.

 

12


Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements

March 31, 2020 (Unaudited)

 

 

 

Note 1 — Organization

SPDR S&P 500® ETF Trust (the “Trust”) is a unit investment trust created under the laws of the State of New York and registered under the Investment Company Act of 1940, as amended. The Trust is an “Exchange-Traded Fund”, the units of which are listed on and traded on the New York Stock Exchange under the symbol “SPY”, and operates under an exemptive order granted by the U.S. Securities and Exchange Commission (the “SEC”). The Trust was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise the Standard & Poor’s 500® Index (the “S&P 500® Index”). Each unit of fractional undivided interest in the Trust is referred to as a “Unit”. The Trust commenced operations on January 22, 1993 upon the initial issuance of 150,000 Units (equivalent to three “Creation Units” — see Note 4) in exchange for a portfolio of securities assembled to reflect the intended portfolio composition of the Trust.

Effective June 16, 2017, State Street Bank and Trust Company (“SSBT”) resigned as trustee of the Trust. PDR Services, LLC, as sponsor of the Trust (the “Sponsor”), appointed State Street Global Advisors Trust Company, a wholly-owned subsidiary of SSBT, as trustee of the Trust (the “Trustee”).

The services received, and the trustee fees paid, by the Trust have not changed as a result of the change in the identity of the Trustee. SSBT continues to maintain the Trust’s accounting records, act as custodian and transfer agent to the Trust, and provide administrative services, including the filing of certain regulatory reports.

Under the Amended and Restated Standard Terms and Conditions of the Trust, as amended (the “Trust Agreement”), the Sponsor and the Trustee are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trustee expects the risk of material loss to be remote.

The Sponsor is an indirect, wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”). ICE is a publicly-traded entity, trading on the New York Stock Exchange under the symbol “ICE.”

Note 2 — Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trustee in the preparation of the Trust’s financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Trustee to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

The Trust’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The

 

13


Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

 

 

 

Note 2 — Summary of Significant Accounting Policies – (continued)

 

investments of the Trust are valued pursuant to the policy and procedures developed by the Oversight Committee of the Trustee (the “Committee”). The Committee provides oversight of the valuation of investments for the Trust.

Valuation techniques used to value the Trust’s equity investments are as follows:

Equity investments (including preferred stocks) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

In the event that prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Trustee.

Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value (“NAV”) and the prices used by the Trust’s underlying index, S&P 500® Index, which in turn could result in a difference between the Trust’s performance and the performance of the S&P 500® Index.

The Trustee values the Trust’s assets and liabilities at fair value using a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with the investment.

The three levels of the fair value hierarchy are as follows:

 

 

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

 

 

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

 

 

Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

Investment Transactions and Income Recognition

Investment transactions are accounted for on the trade date for financial reporting purposes. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Trust may include a return of capital that is estimated by the Trustee. Such amounts are recorded as a reduction of the cost of investments or

 

14


Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

 

 

 

Note 2 — Summary of Significant Accounting Policies – (continued)

 

reclassified to capital gains. The Trust invests in real estate investment trusts (“REITs”). REITs determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Trustee’s policy is to record all REIT distributions as dividend income initially and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or Trustee’s estimates of such re-designations for which actual information has not yet been reported. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method.

Distributions

The Trust declares and distributes dividends from net investment income, if any, to its holders of Units (“Unitholders”) quarterly. Capital gain distributions, if any, are generally declared and paid annually. Additional distributions may be paid by the Trust to avoid imposition of federal income and excise tax on any remaining undistributed net investment income and capital gains. The amount and character of income and gains to be distributed are determined in accordance with federal tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

Equalization

The Trustee follows the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring the Trust’s Units, equivalent on a per Unit basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per Unit is unaffected by sales or reacquisitions of the Trust’s Units. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

Federal Income Taxes

For U.S. federal income tax purposes, the Trust has qualified as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (a “RIC”), and intends to continue to qualify as a RIC. As a RIC, the Trust will generally not be subject to U.S. federal income tax for any taxable year on income, including net capital gains, that it distributes to its Unitholders, provided that it distributes on a timely basis at least 90% of its “investment company taxable income” determined prior to the deduction for dividends paid by the Trust (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided that the Trust distributes substantially all of its ordinary income and capital gains during each calendar year, the Trust will not be subject to U.S. federal excise tax. Income and capital gain distributions are determined in accordance with U.S. federal income tax principles, which may differ from U.S. GAAP.

U.S. GAAP requires the evaluation of tax positions taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are more likely than not to be sustained by the applicable tax authority. For U.S. GAAP purposes, the Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.

The Trustee has reviewed the Trust’s tax positions for the open tax years as of September 30, 2019 and has determined that no provision for income tax is required in the Trust’s financial statements. Generally, the Trust’s tax returns for the prior three fiscal years remain subject to examinations by the Trust’s major tax jurisdictions,

 

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SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

 

 

 

Note 2 — Summary of Significant Accounting Policies – (continued)

 

which include the United States of America, the Commonwealth of Massachusetts and the State of New York. The Trustee has the Trust recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. There were no such expenses for the year ended September 30, 2019.

No income tax returns are currently under examination. The Trustee has analyzed the relevant tax laws and regulations and their application to the Trust’s facts and circumstances and does not believe there are any uncertain tax positions that require recognition of any tax liabilities. Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Trust’s investments may change over time based on factors including, but not limited to, new tax laws, regulations and interpretations thereof.

During the six months ended March 31, 2020, the Trustee reclassified $15,162,843,673 of non-taxable security gains realized from the in-kind redemption of Creation Units (Note 4) as an increase to paid in capital in the Statement of Assets and Liabilities.

At March 31, 2020, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

 

    Tax Cost     Gross Unrealized
Appreciation
    Gross Unrealized
Depreciation
    Net Unrealized
Appreciation
(Depreciation)
 

SPDR S&P 500® ETF Trust

  $ 294,836,328,800     $ 5,152,552,679     $ 64,732,681,170     $ (59,580,128,491

Note 3 — Transactions with Affiliates of the Trustee and Sponsor

SSBT maintains the Trust’s accounting records, acts as custodian and transfer agent to the Trust, and provides administrative services, including the filing of certain regulatory reports. The Trustee pays SSBT for such services. The Trustee is responsible for determining the composition of the portfolio of securities which must be delivered and/or received in exchange for the issuance and/or redemption of Creation Units of the Trust, and for adjusting the composition of the Trust’s portfolio from time to time to conform to changes in the composition and/or weighting structure of the S&P 500® Index . For these services, the Trustee received a fee at the following annual rates for the six months ended March 31, 2020:

 

Net asset value of the Trust

  

Fee as a percentage of net asset value of the Trust

$0 – $499,999,999    0.10% per annum plus or minus the Adjustment Amount
$500,000,000 – $2,499,999,999    0.08% per annum plus or minus the Adjustment Amount
$2,500,000,000 and above    0.06% per annum plus or minus the Adjustment Amount

The adjustment amount (the “Adjustment Amount”) is the sum of (a) the excess or deficiency of transaction fees received by the Trustee, less the expenses incurred in processing orders for the creation and redemption of Units and (b) the amounts earned by the Trustee with respect to the cash held by the Trustee for the benefit of the Trust. During the six months ended March 31, 2020, the Adjustment Amount reduced the Trustee’s fee by $9,562,023. The Adjustment Amount included an excess of net transaction fees from processing orders of $2,190,066 and a Trustee earnings credit of $7,371,957.

 

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

 

 

 

Note 3 — Transactions with Affiliates of the Trustee and Sponsor – (continued)

 

The Trustee has voluntarily agreed to waive a portion of its fee, as needed, for one year until February 1, 2021, so that the total operating expenses would not exceed 0.0945% per annum of the daily NAV of the Trust. The total amount of such waivers by the Trustee for the year ended September 30, 2017 is identified in the Statements of Operations. No amounts were waived for the six months ended March 31, 2020 and the years ended September 30, 2019 and September 30, 2018. The Trustee has not entered into an agreement with the Trust to recapture waived fees in subsequent periods, and the Trustee may discontinue the voluntary waiver.

In accordance with the Trust Agreement and under the terms of an exemptive order issued by the SEC, dated December 30, 1997, the Sponsor is reimbursed by the Trust for certain expenses up to a maximum of 0.20% of the Trust’s NAV on an annualized basis. The expenses reimbursed to the Sponsor for the six months ended March 31, 2020, and the years ended September 30, 2019, 2018 and 2017, did not exceed 0.20% per annum. The licensing and marketing fee disclosed below are subject to both the reimbursement from the Trust to the Sponsor and expense limitation of 0.20% of the Trust’s NAV. The Trust reimbursed the Sponsor for $145,931 of legal fees, which are included in Legal and audit fees on the Statements of Operations.

S&P Dow Jones Indices LLC (“S&P”), per a license from Standard & Poor’s Financial Services LLC, and State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Marketing Agent”) have entered into a license agreement (the “License Agreement”). The License Agreement grants SSGA FD, an affiliate of the Trustee, a license to use the S&P 500® Index and to use certain trade names and trademarks of S&P in connection with the Trust. The S&P 500® Index also serves as the basis for determining the composition of the Trust’s portfolio. The Trustee (on behalf of the Trust), the Sponsor and NYSE Arca, Inc. (“NYSE Arca”) have each received a sublicense from SSGA FD for the use of the S&P 500® Index and certain trade names and trademarks in connection with their rights and duties with respect to the Trust. The License Agreement may be amended without the consent of any of the owners of beneficial interests of Units. Currently, the License Agreement is scheduled to terminate on November 29, 2031, but its term may be extended without the consent of any of the owners of beneficial interests of Units. Pursuant to such arrangements and in accordance with the Trust Agreement, the Trust reimburses the Sponsor for payment of fees under the License Agreement to S&P equal to 0.03% of the daily size of the Trust (based on Unit closing price and outstanding Units) plus an annual license fee of $600,000.

The Sponsor has entered into an agreement with the Marketing Agent pursuant to which the Marketing Agent has agreed to market and promote the Trust. The Marketing Agent is reimbursed by the Sponsor for the expenses it incurs for providing such services out of amounts that the Trust reimburses the Sponsor. Expenses incurred by the Marketing Agent include, but are not limited to: printing and distribution of marketing materials describing the Trust, associated legal, consulting, advertising and marketing costs and other out-of-pocket expenses.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of the Units. The Sponsor pays the Distributor for its services a flat annual fee of $25,000, and the Trust does not reimburse the Sponsor for this fee.

Investments in Affiliates of the Trustee and the Sponsor

The Trust has invested in companies that are considered affiliates of the Trustee (State Street Corp.) and the Sponsor (ICE). Such investments were made according to the representative portion of the S&P 500® Index. The market values of these investments at March 31, 2020 are listed in the Schedule of Investments.

 

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Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

 

 

 

Note 3 — Transactions with Affiliates of the Trustee and Sponsor – (continued)

 

On March 20, 2017, the Trust received a non-recurring litigation payment of $661,715 from State Street Corp., an affiliate of the Trustee, which is recorded as a realized gain in the 2017 Statements of Operations.

Note 4 — Unitholder Transactions

Units are issued and redeemed by the Trust only in Creation Unit size aggregations of 50,000 Units. Such transactions are only permitted on an in-kind basis, with a separate cash payment that is equivalent to the undistributed net investment income per Unit (income equalization) and a balancing cash component to equate the transaction to the NAV per Unit of the Trust on the transaction date. There is a transaction fee payable to the Trustee in connection with each creation and redemption of Creation Units made through the clearing process (the “Transaction Fee”). The Transaction Fee is non-refundable, regardless of the NAV of the Trust. The Transaction Fee is the lesser of $3,000 or 0.10% (10 basis points) of the value of one Creation Unit at the time of creation per participating party per day, regardless of the number of Creation Units created or redeemed on such day. The Transaction Fee is currently $3,000. For creations and redemptions outside the clearing process, including orders from a participating party restricted from engaging in transactions in one or more of the common stocks that are included in the S&P 500® Index, an additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit is charged per Creation Unit per day.

Note 5 — Investment Transactions

For the six months ended March 31, 2020, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $111,544,926,681, $116,382,899,677, $2,577,164,747, and $2,150,754,174, respectively. Net realized gain (loss) on investment transactions in the Statements of Operations includes net gains resulting from in-kind transactions of $15,162,843,673.

Note 6 — Equity Investing and Market Risk

An investment in the Trust involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates, perceived trends in securities prices, war, acts of terrorism, the spread of infectious disease or other public health issues. Local, regional or global events such as war, acts of terrorism, the spread of infectious disease or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments and could result in increased premiums or discounts to the Trust’s net asset value.

An investment in the Trust is subject to the risks of any investment in a broadly based portfolio of equity securities, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of such investment. The value of common stocks actually held by the Trust and that make up the Trust’s portfolio (the “Portfolio Securities”) may fluctuate in accordance with changes in the financial condition of the issuers of Portfolio Securities, the value of equity securities generally and other factors. The identity and weighting of common stocks that are included in the S&P 500® Index and the Portfolio Securities change from time to time.

The financial condition of issuers of Portfolio Securities may become impaired or the general condition of the stock market may deteriorate, either of which may cause a decrease in the value of the Trust’s portfolio and thus in the value of Units. Since the Trust is not actively managed, the adverse financial condition of an issuer will not result in its elimination from the Trust’s portfolio unless such issuer is removed from the S&P 500® Index. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value as

 

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SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

March 31, 2020 (Unaudited)

 

 

 

Note 6 — Equity Investing and Market Risk – (continued)

market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic and banking crises, as well as war, acts of terrorism and the spread of infectious disease or other public health issues.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and was declared a pandemic by the World Health Organization in March 2020. This coronavirus has resulted in travel restrictions, restrictions on gatherings of people (including closings of, or limitations on, dining and entertainment establishments, as well as schools and universities), closed businesses (or businesses that are restricted in their operations), closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious disease outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak cannot be determined with certainty. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and disruption to the global economy, the consequences of which are currently unpredictable. Certain of the Trust’s investments are likely to have exposure to businesses that, as a result of COVID-19, experience a slowdown or temporary suspension in business activities. These factors, as well as any restrictive measures instituted in order to prevent or control a pandemic or other public health crisis, such as the one posed by COVID-19, could have a material and adverse effect on the Trust’s investments.

Note 7 — Recent Accounting Pronouncements

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Trust adopted the Final Rule in 2018 with the most notable impacts being that the Trust is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to Unitholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Note 8 — Subsequent Events

The Trustee has evaluated the impact of all subsequent events on the Trust through the date on which the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

 

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Other Information

March 31, 2020 (Unaudited)

 

 

 

Comparison of Total Returns Based on NAV and Bid/Ask Price(1)

The table below is provided to compare the Trust’s total pre-tax return at NAV with the total pre-tax returns based on bid/ask price and the performance of the S&P 500® Index. Past performance is not necessarily an indication of how the Trust will perform in the future. The return based on NAV shown in the table below reflects the impact of a fee waiver and, without this waiver, returns would have been lower.

Cumulative Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500® ETF Trust

      

Return Based on NAV

     -6.97     37.76     168.68

Return Based on Bid/Ask Price

     -6.94     37.82     168.74

S&P 500® Index

     -6.98     38.47     172.10

Average Annual Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500® ETF Trust

      

Return Based on NAV

     -6.97     6.62     10.39

Return Based on Bid/Ask Price

     -6.94     6.63     10.39

S&P 500® Index

     -6.98     6.73     10.53

 

 

(1)

The bid/ask price is the midpoint of the best bid and best offer prices on NYSE Arca at the time the Trust’s NAV is calculated, ordinarily 4:00 p.m.

 

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SPDR S&P 500® ETF Trust

(Unaudited)

 

 

 

Sponsor

PDR Services LLC

c/o NYSE Holdings LLC

11 Wall Street

New York, NY 10005

Trustee

State Street Global Advisors Trust Company

One Iron Street

Boston, MA 02210

Distributor

ALPS Distributors, Inc.

1290 Broadway Suite 1100

Denver, CO 80203

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard, Suite 500

Boston, MA 02210

 

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